A joint venture between private equity firm Warburg Pincus and Japan’s Eastgate Group has acquired the Shinagawa Seaside West Tower in Tokyo, marking its third deal in Japan as it expands its portfolio of life sciences and R&D-focused real estate assets under the GRC brand.
The 18-storey commercial tower adds over 410,000 square feet of gross floor area to the joint venture’s portfolio, which now totals more than 1 million square feet across Tokyo and Yokohama. Financial details of the transaction were not disclosed.
Formed in 2023, the venture aims to address the shortage of high-specification lab and R&D space in Japan’s major cities. The GRC-branded assets include dry and wet labs, heavy-duty floor loading, dedicated ventilation systems, and other infrastructure suited to biosafety level 2 laboratories and high-tech tenants.
“This sector is underpinned by secular trends, including Japan’s aging population and growing healthcare market,” said Takashi Murata, managing director and co-head of Asia real estate at Warburg Pincus. “We see long-term demand for specialized R&D space.”
Shozo Sekine, CEO of Eastgate Group, said rental premiums for well-managed R&D assets reflect strong demand and limited supply. “We are excited to scale the GRC platform to meet the evolving needs of tenants in this space,” he said.
Previous acquisitions by the joint venture include GRC Yokohama Bay Research Park and GRC Yokohama Science Cube, both catering to engineering, technology, and medical tenants.
Warburg Pincus has invested more than $9 billion in Asia real estate and co-founded several platforms including ESR and Weave Living. Eastgate Group manages over JPY700 billion in assets and operates in Japan and global cities including Sydney and London.
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